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Dangote refinery is transforming Nigeria Into an Oil Market Juggernaut says Bloomberg
In a finely balanced oil market, Nigeria has suddenly reemerged as a key player. During the past few weeks, actions by the country’s massive Dangote refinery have moved prices, with purchases of US barrels…
NASCON Allied Industries handed over a borehole to Alayabiagba host community
NASCON Allied Industries Plc, a subsidiary of Dangote Industries Limited, as part of its social investment initiatives, during the week commissioned and handed over a borehole…
Delay in crude supply to Dangote Refinery Poses Risk to Nigeria’s economy – EIU Report
The Economist Intelligence Unit has issued a warning that further delays in crude oil feedstock to the Dangote Petroleum…
Nigerian Court refuses IGP’s request to reverse billions allegedly withdrawn by POS agents in 2023…
A Federal High Court in Abuja has denied a motion by the Inspector General of Police (IGP) seeking an order to compel approximately twelve banks and financial institutions to reverse billions of naira that were…
Nigerian businesses are reducing workforce, CBN data reveals
The Central Bank of Nigeria’s (CBN) latest Purchasing Managers’ Index (PMI) report for July 2024 reveals that the Composite Employment Index continued its downward trend for the seventh consecutive month,…
Truck Of Fuel Rises From N9.6m To N36m – IPMAN
…decries 37% bank interest annually The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said…
Customs releases guidelines for implementation of zero duty on food imports
President Bola Tinubu, on Wednesday, approved the implementation of zero percent import duty and exemption of value-added tax (VAT) on basic food items. This is according to a circular seen by BusinessDay on…
Court Orders Forfeiture Of ‘Stolen’ First Bank’s N190.2m, $70.8k To FG
Justice Akintayo Aluko of Lagos Federal High Court, Wednesday ordered the interim forfeiture of N190, 277,634.2 million and $70, 811,…
Naira down to N1,595/$ in parallel market
The Naira, yesterday, depreciated to N1,595 per dollar in the parallel market from N1,590 per dollar on Tuesday. Similarly, the Naira depreciated to N1, 586.04 per dollar in the Nigerian Autonomous Foreign Exchange…
DANGOTE CEMENT LAUNCHES STUDENTS INDUSTRIAL INTERNSHIP SCHEME
Dangote Cement Plc has launched a novel Internship Scheme for students of tertiary…
Fidelity Bank “surpasses target”, raises over N127.1 billion in first phase of recapitalization…
Fidelity Bank has surpassed the N127.1 billion target set in its combined offer programme, as the bank concludes the programme. In an email to investors, the Managing Director of the Bank, Nneka Onyeali-Ikpe…
Otudeko dynasty: Succession of a boardroom strategist
Nigeria’s manufacturing sector has some of the most influential and richest men in the country. Oba Otudeko, who clocks the golden age of 80 on Friday (today), is a well-known industrialist. Otudeko may be the chairman,…
Ballooning Operating Costs: NCC, stakeholders kick as telcos threaten service outage
*Telcos threaten to adopt load-shedding formula in telecom services *NCC kicks, says subtle threat wrong approach to tariff hike campaign *Subscribers’ll hold regulator accountable if load-shedding…
Dangote refinery denies fixing petrol price at N600/litre
The Dangote Petroleum Refinery says it has not fixed its petrol price. Reports had claimed that oil marketers projected that petrol from the refinery would be sold at N600 per litre. However, Anthony Chiejina, group…
CBN-backed Unity Bank takeover safeguarded Northern Nigeria’s financial lifeline
The Central Bank of Nigeria (CBN)’s decision to back the takeover of Unity Bank by Providus Bank was driven primarily by concerns over the potential impact of the bank’s collapse on the northern region of Nigeria,…
Ownership battle rages at Nigeria’s oldest bank
In the storied corridors of First Bank Holdings, Nigeria’s oldest bank, a battle of titanic proportions is brewing over the single largest shareholder of the bank. First Bank Holdings in its audited accounts…
Nigeria Wasting Rice, Yam, Fish Amid Food Crisis – Report
Nigeria is currently widely believed to be losing 20 to 40 per cent of its rice at harvest points and market stages, an investigation by Premium Times has revealed. Beyond food wastage, postharvest losses…
Nigeria’s telecoms sector in deep crisis, tariff hike necessary, says MTN CEO
Karl Toriola, chief executive officer (CEO) of MTN Nigeria, says the country’s telecommunications sector is “in a deep crisis”. Toriola spoke on Tuesday at the telecom investment forum organised by Financial…
Nigerian govt. freezes $37million worth of cryptocurrency traced to suspected protest organisers
The Nigerian government has frozen more than $37 million worth of cryptocurrency held in wallets believed to be owned by some organisers of #EndBadGovernance protesters. The freezing followed an order by the…
Lagosians prefer yearly rent payment over monthly payment – Survey
Lagosians have indicated a preference for annual rent payments compared to the monthly payment according to data from a survey on the state’s real estate industry. The report by BuyLetLive titled “Residential…
Imposing 70% tax on banks’ FX gains excessively burdensome – Bank Directors
The Bank Directors Association of Nigeria (BDAN) has called on the federal government to reconsider the recently imposed 70 percent windfall tax on banks’ earnings from foreign exchange transactions. On July 17, the…
We reduced stake in Dangote refinery to invest in CNG, says NNPC
The Nigerian National Petroleum Company (NNPC) Limited says its stake in Dangote Petroleum Refinery was reduced to 7.2 percent…
Port Harcourt refinery kickoff a done deal – Marketers
Nigeria’s oil marketers have reignited hope that the Port Harcourt Refinery would commence commercial production in…
Briton, Indians accused of defrauding Ecobank $42m lose bid to stop arrest, extradition
A federal high court sitting in Lagos has dismissed the applications filed by three foreigners to quash a bench warrant issued for their arrest and extradition over a $42.48 million fraud allegations. The…